PayPal is spiking after a solid earnings beat

Paypal’s stock price is up 6.04% to $71.31 after a stellar earnings report and a solid outlook for the future. The company reported adjusted earnings of $0.46 per share compared to the $0.43 per share that was expected by Wall Street. Revenue came in higher at $3.239 billion compared to the $3.177 billion that was expected by Wall Street. Paypal added 8.2 million new accounts in the quarter, the company said on the earnings call. Credit Suisse raised its price target for PayPal to $74, saying “we are positive on 3Q17 results given solid beats” across revenue and EPS and strong growth in payment volume.